You've found the perfect home—now what?

Published 7:00 pm, Monday, May 14, 2012

Since you probably don’t sell a house every week, the process may seem daunting. Here is a brief overview of how the closing process works.

Once you’ve found your dream home your real estate agent will complete an earnest money contract for you and the seller to sign.

You’ll write the earnest money check and your agent will have Permian Abstract Company receipt the contract. Your check will be deposited in an escrow account and the timeline begins. Your contract will state the number of days you have to obtain financing, inspections, the survey and the title commitment.

In order to prepare your title commitment the official public records of the county in which the property is located will be searched. This search will be for any matters that would prevent you from having use of the property you are purchasing. The commitment also shows you if there are any easements or deed restrictions on the property. These would include things like the type of fencing allowed, the type of veneer on a structure, the prohibition of the storage of RVs or boats, the use and maintenance of common areas, setback lines and any other matters.

After the title commitment has been issued, Permian Abstract Company will forward it to your lender for document preparation and to have a survey ordered if needed. The lender will process all of their information with their underwriters and the documents will be drawn up. Usually the lender issues closing instructions to the title company before they release the documents. As soon as these instructions are received Permian

Abstract Company prepares a settlement statement. This document shows all of the money involved in the transaction. Permian Abstract Company realizes that this is the most important document to the parties involved in the transaction, so they process it immediately.

Once this document is approved by the lender Permian Abstract forwards it to the real estate agents who will also review and approve it. Then the agents release it to the buyer and seller. The title company receives all of the money involved in the transaction and processes it through the escrow account. They issue all of the checks to pay for services performed during the process.

When Permian Abstract Company receives the documents from the lender they review them to make certain all of the names and the legal descriptions are correct. They then make copies of them for the parties involved. When the closing day arrives you’ll be given this set of copies for your records. The escrow officer will present the original documents for your signatures and they will notarize them for you. Once all parties have signed the documents and Permian Abstract Company has received the money, they will fax the appropriate documents to the lender and request a funding number.

This usually takes a few hours to obtain. The lender will review all of the documents and any additional requirements they may have before issuing this number. As soon as Permian Abstract Company receives the funding number they notify the agents. This is when the property changes hands and the legal documents are recorded. The buyer receives their keys and the sellers receive their money.

Permian Abstract Company’s staff realizes that buying or selling a home is a big event in your family’s lives and they take care to make it as smooth as possible by doing a lot of work behind the scenes. They welcome the opportunity to serve you.

Permian Abstract opened for business in 1954. It has been locally owned and operated by Harris E. Kerr since 2002. It is located in the Plaza Oaks Center. The phone number is 684-6389.